Is the son of the former National Bank of Hungary governor running a private equity empire under a false name?
The National Bank of Hungary has launched a sweeping investigation into the handling of public funds under its previous leadership. The probe, initiated after Mihály Varga took office as governor, scrutinises controversial financial transactions, including alleged mismanagement linked to Ádám Matolcsy, son of former central bank chief György Matolcsy.
Investigations
Portfolio writes that following Mihály Varga’s appointment as Governor of the National Bank of Hungary (MNB), the institution has launched a wide-ranging investigation into the Pallas Athéné Domus Meriti Foundation and its asset management firm, Optima Ltd. The inquiry focuses on financial transactions and real estate dealings involving public funds in recent years. The State Audit Office of Hungary is also involved, and leadership changes have been made, including Gábor Gion’s appointment as head of the foundation and István Hegedüs as CEO of Optima Ltd. The new MNB leadership aims to enhance transparency and reinforce good governance.
Matolcsy’s network under scrutiny
As Válasz Online writes, the investigation follows a controversial transfer of Optima Investment Fund Management Ltd. to the Central European III Private Equity Fund shortly before Varga took office. This fund is linked to Quartz Investment Fund Management, owned by István Száraz, a close associate of Ádám Matolcsy, son of the former central bank governor, György Matolcsy. Reports suggest that a small business circle has treated the MNB’s assets as their own, channelling them through private equity funds. It has also emerged that Ádám Matolcsy allegedly operated under the pseudonym Petra Kovács to manage and influence financial transactions. These revelations have fuelled political tensions, with even government insiders acknowledging the extent of mismanagement under Matolcsy’s tenure.
Political and legal consequences
The new MNB leadership is under pressure to address the allegations, potentially invoking legal measures to reclaim control over lost assets. The recent transfer of central bank funds to private entities, including the Warsaw-based real estate giant GTC and Swiss luxury property firm Ultima Capital SA, has drawn criticism. Fidesz insiders warn that mishandling the scandal could harm the party ahead of elections, while failure to act decisively may be seen as tacit complicity. The investigation’s outcome could have far-reaching implications, not only for those implicated but also for the future governance of the National Bank of Hungary.
Luxury in Monaco
444 reports that Ádám Matolcsy, son of the former National Bank of Hungary governor, has confirmed his appearance in Netflix’s Drive to Survive, after initial reports suggested only a lookalike featured in the series. He stated that he attended a Formula 1 race in 2017 as a guest but did not stay at the Hotel Hermitage, where he was recently spotted in footage from the 2024 Monaco Grand Prix.
The clip, shown in Season 7, Episode 5, captures Matolcsy on a balcony with a champagne glass, alongside American lawyer Mike Herd. Despite his presence, Matolcsy claims he did not consent to the use of his image. The prestigious hotel, known for its luxury, offers rooms for the Grand Prix weekend at prices reaching up to EUR 22,000 for a four-night stay.
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